Warren Mackensen running for reelection as trustee

Friday

Jan 28, 2011 at 2:00 AM

HAMPTON — Warren Mackensen is running for reelection to retain his seat on the trustees of the trust funds board even though the attorney general's office has ruled a conflict of interest exists in his simultaneous roles as trustee and as the funds' financial adviser.

Patrick Cronin

HAMPTON — Warren Mackensen is running for reelection to retain his seat on the trustees of the trust funds board even though the attorney general's office has ruled a conflict of interest exists in his simultaneous roles as trustee and as the funds' financial adviser.

Mackensen filed his candidacy with the town clerk's office on Jan. 19, one day after the attorney general's office ruled that he had a conflict and should resign or remove his company as the investment adviser for the town's $15 million-plus real estate trust fund.

The filing period to run for office closes today, Jan. 28 at 5 p.m. at the town clerk's office.

Mackensen will have competition in the election, as three other people are running for one of the two seats available on the panel. Those candidates are resident Maurey Friedman, Stephen Falzone and current trustee chairman Dave Hamiliton.

Mackensen said he sill believes he doesn't have a conflict because he's not charging for his financial services. He has filed a response with AG's office, asking Anne Edwards, the director of the state's charitable trust fund division, to reconsider her decision.

The AG's investigation came on the heels of selectmen voting to ask the office to render an opinion on whether the vote of the trustees on Nov. 22 was legal and if there was a conflict of interest.

Mackensen was the deciding vote in a 3-2 vote to allow a company in which he owns stock to become custodian of the fund, and to have his investment firm, Mackensen & Company, take over as the fund's manager.

While Hamilton previously said he was not going to seek reelection, he had a change of heart after the AG's office confirmed his suspicion that a conflict of interest did exist.

He along with Norm Silberdick were the dissenting votes in the matter because they believed a conflict existed and they were not comfortable with a trustee becoming the fund's investment manager.

With the AG's ruling, Hamilton believes the trustees will vote at a Jan. 31 meeting to go out to bid to hire a new investment adviser — which is what he wanted to do all along.

"A lot of people asked me to run again," Hamilton said. "I will be candid with you, I don't think I am any great trustee but I do feel the town would benefit, as I am the longest serving trustee. I think we need stability."

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